Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Japan

Japan

In Japan, the revenue in the Vitamins & Minerals market market in 2024 amounts to €0.97bn.
It is projected to grow annually by 5.20% (CAGR 2024-2029).
Compared to other countries globally, in China generates the highest revenue with €4,890.00m in 2024.
When considering the total population, per person revenues of €7.95 are generated in 2024.
Japan's growing aging population is driving the demand for vitamins and minerals in the OTC Pharmaceuticals market.

Key regions: Canada, United Kingdom, India, Europe, Brazil

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Monnaie

Analyst Opinion

The Vitamins & Minerals market in Japan has been experiencing significant growth in recent years.

Customer preferences: Japanese consumers have become increasingly health-conscious and are placing a greater emphasis on maintaining a healthy lifestyle. As a result, there has been a growing demand for vitamins and minerals to supplement their diets. Many consumers are also seeking products that are natural and organic, as well as those that offer specific health benefits, such as immune support or improved cognitive function.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Japan is the increasing popularity of functional foods and beverages. These products are fortified with vitamins and minerals, and are marketed as offering additional health benefits. For example, there has been a rise in the consumption of vitamin-enriched drinks and snacks that claim to boost energy levels or improve digestion. This trend is driven by the desire for convenient and easily accessible ways to incorporate essential nutrients into daily routines.Another trend in the market is the growing demand for personalized nutrition. Japanese consumers are increasingly seeking products that are tailored to their specific health needs and preferences. This has led to the development of customized vitamin and mineral supplements that are formulated based on individual health profiles. These personalized products are often marketed as being more effective and efficient in meeting specific nutritional requirements.

Local special circumstances: Japan has a rapidly aging population, with a significant portion of the population being over the age of 65. As people age, their nutritional needs change, and there is a greater need for vitamins and minerals to support overall health and wellbeing. This demographic shift has contributed to the increased demand for vitamins and minerals in Japan.

Underlying macroeconomic factors: The strong economy in Japan has also played a role in the growth of the Vitamins & Minerals market. As disposable incomes rise, consumers are more willing to spend on products that promote health and wellness. Additionally, the government has implemented policies and initiatives to encourage healthy lifestyles and preventive healthcare, which has further fueled the demand for vitamins and minerals.In conclusion, the Vitamins & Minerals market in Japan is experiencing growth due to the health-consciousness of consumers, the popularity of functional foods and beverages, the demand for personalized nutrition, the aging population, and the strong economy. These factors have created a favorable environment for the market to thrive, and it is expected to continue to grow in the coming years.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.